The Thai financial regulator is expected to approve five ICO projects once the new regulatory framework takes effect this month. Out of 50 ICO projects in the country, only five satisfy the registration requirements set out by the regulator this week.
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Five ICO Projects Expected to be Approved
The Thai Securities and Exchange Commission (SEC) is expected to approve five initial coin offering (ICO) projects once the law to regulate cryptocurrencies and ICOs goes into effect, according to the Bangkok Post. The Commission approved the relevant regulations earlier this week and expects them to become law by the end of the month, as news.Bitcoin.com previously reported.
While the SEC has not revealed which ICO projects will be approved, Mr. Thawatchai Kiatkwankul, the Commission’s director of corporate finance in the equity department, was quoted by the news outlet:
Out of 50 ICO projects expecting to raise funds from the Thai capital market, five are ready as initial pilot projects.
The announcement follows two recently launched ICOs in Thailand: Jfin Coin by Jay Mart Plc’s subsidiary, J Ventures Limited, and ZMN tokens by Zmine Holdings.
New ICOs Expected in Q3
Before the law takes effect, the regulator has put the brakes on all new ICOs. However, “Previously-leveraged companies are still able to make transactions as normal since the law does not apply retroactively,” Krungthep Turakij explained.
Mrs. Tipsuda Thavaramara.
Mrs. Tipsuda Thavaramara, Deputy Secretary-General of the Thai SEC in charge of Policy and Corporate Finance Groups, said this week that an ICO issuer must first gain approval from the ICO portal it wants to be listed on, Prachachat Turakij described. ICO portals will act like financial advisors to the
